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In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber

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In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2021, Henry’s qualified business income from driving is $61,200.

a. Compute Henry’s QBI deduction and his tax liability for 2021.

b. Complete Henry’s 2021 Form 8995 (Qualified Business Income Deduction Simplified Computation).

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a 9 730 For 2021 Henrys initial QBI amount is 12 240 20 QBI of 61 200 However he must apply the modi…View the full answer


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South Western Federal Taxation 2023 Comprehensive Volume

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Details
Chapter # 15- The Deduction for Qualified Business Income for Noncorporate Taxpayers
Section: Discussion Questions
Problem: 21
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Question Posted: September 24, 2023 04:13:46
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